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J.C. Penney Will Pay As Much As $38 Million In Severance Costs

By Karen Talley Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- J.C. Penney Co. (JCP) will take a $30 million to $38 million pretax charge in connection with layoffs the retailer announced last week. The majority of the staff, some 600, were let go from the company's Plano, Texas, headquarters. The other staffers, about 300, are at a call center in Pittsburgh the company will close June 29. Penney expects to take most of the charges in the first quarter, which ends April 28. The steps are being taken as J.C. Penney tries to make itself into a leaner organization as it reorganizes operations around a new selling approach. Penney wants to change from a promotionally-driven retailer to one focused on presentation and everyday value. Chief Executive Ron Johnson, who joined the company in November from Apple Inc. (AAPL), has said that Penney will operate more like a "start-up," with fewer layers of management and more accountability. Johnson in January laid out an ambitious plan that involved carving stores into a warren of specialty shops. Penney revealed additional details of the strategy last week, saying locations will contain stores within stores, shops and boutiques, with new merchandise offered on a monthly basis. But overhauling the chain's fleet of 1,100 stores poses costly challenges. Penney has been in heated competition with rivals such as Macy's Inc. (M) and Kohl's Corp. (KSS) and recently announced it is adding products from Martha Stewart Living Omnimedia Inc. (MSO) to its roster, a move that spawned a lawsuit from Macy's, which said it has exclusive rights to Martha Stewart merchandise. Penney plans to reduce annual costs by $900 million by the end of 2013, including $200 million in savings from the corporate headquarters, $400 million in store operations and $300 million in advertising. In February, Penney said it swung to a loss in its fiscal fourth quarter, as the retailer shouldered costs tied to its revamped pricing strategy. -By Karen Talley, Dow Jones Newswires; 212-416-2196; karen.talley@dowjones.com

Stock News for Jc Penney (JCP)
DateTimeHeadline
07/31/201516:34:07Statement of Changes in Beneficial Ownership (4)
07/29/201509:40:00Technical Scrutiny on Department Stores Stocks -- J. C. Penney...
07/28/201516:33:44Statement of Changes in Beneficial Ownership (4)
07/28/201516:32:49Initial Statement of Beneficial Ownership (3)
07/21/201517:08:55Current Report Filing (8-k)
07/21/201517:00:26MANDY GINSBERG TO JOIN JCPENNEY BOARD OF DIRECTORS
07/21/201508:30:00JCPENNEY RINGS IN THE SCHOOL YEAR WITH TREND-BENDING STYLES TO...
07/15/201519:26:09Activist Knocks on Macy's Door--3rd Update
07/15/201516:42:29Statement of Changes in Beneficial Ownership (4)
07/14/201519:20:02Can Marvin Ellison Save J.C. Penney?
07/07/201509:45:02Why J.C. Penney Jumped 32% in the First Half of 2015
06/30/201516:36:19Statement of Changes in Beneficial Ownership (4)
06/26/201516:29:58Annual Report of Employee Stock Plans (11-k)
06/23/201512:37:183 Reasons J.C. Penney Company Stock Could Rise
06/18/201509:02:20JCPENNEY PRESIDENT & CEO-DESIGNEE MARVIN ELLISON TO PRESENT AT...
06/18/201509:00:02Stability Will Be Key for New J.C. Penney CEO Marvin Ellison
06/16/201515:10:03The Retail Trick That Has J.C. Penney Company, Inc. in Hot Water
06/15/201516:58:20Statement of Changes in Beneficial Ownership (4)
06/12/201516:21:20Statement of Changes in Beneficial Ownership (4)
06/12/201516:19:36Initial Statement of Beneficial Ownership (3)

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